• $78 million acquisition of two office buildings in Cincinnati, Ohio, totalling 28,000 square metres and leased on a 10-year agreement to Cincinnati Children's Hospital Medical Centre.
  • This transaction brings Azora’s total investment into the U.S. to more than
    $450 million in 2022, spread across the commercial and residential sectors, demonstrating the success of its expansion in this market and the strength of its global offering.

Madrid - Azora, through its subsidiary Azora Exan, has strengthened its position in the U.S. market by executing a number of transactions in the residential and commercial sectors in 2022, bringing its total investment to more than $450 million last year.

This includes the $78 million acquisition of a portfolio of two first-class office buildings spread across 28,000 square meters in Cincinnati, Ohio. The complex is used as the administrative arm of the Cincinnati Children's Hospital, and both properties are fully leased to the Cincinnati Children's Hospital Medical Centre, with a WAULT of 10 years. The complex is located at 400 Oak St., comprising Vernon Manor and 2905 Vernon Place, and sits near the hospital's network of clinical campuses and the city's central business district, as well as being positioned approximately 24 km from Cincinnati's International Airport.

This acquisition marks the latest addition to Azora’s commercial portfolio in the U.S., with Azora Exan also acquiring two offices in Chicago and Miami, and two shopping centres in Florida in 2022, as part of its non-discretionary strategy of investing in Core, Core Plus, Value Add and Opportunistic opportunities across the office, industrial and retail sectors of key U.S. markets.

This strategy also leverages Azora Exan’s deep experience in the U.S. via its sizeable multifamily strategy, which has already invested in more than 800 homes for rent in strategic markets in the south and southeast of the United States (Texas, North Carolina, and Georgia) since its launch in May 2022. The residential-for-rent fund, which has a total investment target of $650 million over the next 3 years, is focused on affordable residential rentals in built and operating multifamily properties that generate rents from the outset but have potential for improvement through repositioning and active management policies.

Azora entered the U.S. market through its strategic partnership with Exan, and the subsequent creation of Azora Exan in December 2021.

Azora Exan is meeting its investment objectives in the U.S. market, and retains its conviction around our non-discretionary strategy focused on acquiring boutique office buildings located in prime locations within the business districts of major U.S. cities. Ignacio Gil-Casares, Managing Partner of Azora Exan
We are very satisfied with the development of our residential and commercial U.S. strategies, both of which contribute to the acceleration of our investment plan to successfully consolidate a diverse portfolio of assets across key U.S. markets. Having been able to identify and execute a number of sizeable transactions in 2022 is testament to both our 20+ year track record as a real estate investment manager and our local expertise in our target markets. Fernando Pérez-Hickman, Managing Partner of Azora América

About Azora Exan

Through its US investee Azora Exan, Azora offers its investors the possibility of diversifying their savings in the most powerful, stable and legally secure economy in the world, not only in the creation and management of real estate assets in offices, logistics and retail, but also in other value-added activities in which Azora has decades of proven experience, as in the case of the launch of its new multifamily fund in the US, focused on the Sunbelt states. Thus, through Azora Exan, Azora will continue to expand its presence in the US (where it has owned hotels for several years) in the residential, hotel, logistics and office segments.

About Azora

Azora Group (hereinafter "Azora") is a leading independent asset manager based in Spain, which has invested over €4bn of equity since its inception in 2003 and which currently manages c.€9.7bn of AuM (as of March-2024).

Its platform, one of the most important in Spain, has more than 200 professionals with great expertise through the whole real estate cycle, including deal sourcing, structuring and investment, new developments and repositioning, asset management and rental and sale of individual assets or portfolios.

Azora has traditionally focused on residential, hotels, offices and renewable energy, and is currently developing new investment themes in logistics, senior homes and alternative real estate debt. Azora currently manages one of the largest portfolios of residential units for rent, with more than 14,000 homes, and created the largest hotel portfolio in Spain under variable rent agreements with hotel operators with more than 13,000 keys, which was acquired by Blackstone in July 2018. In addition to Spain, it currently manages investments in Belgium, Portugal, Italy, Germany, the United Kingdom and Switzerland, among other countries, and has entered the US market.

Talia Jessener
Senior Consultant, Strategic Communications
AZORA Group